Binance, the largest crypto exchange in terms of trading volume, has partnered up with Alchemy Pay to create the first hybrid fiat/digital currency gateway.

What happened? According to a Press releaseThe partnership will allow for a payment bridge between fiat and crypto through Binance Pay wallet on Wednesday.

Binance Pay is available for peer-to-peer and merchant-based transactions. Users and merchants have access to over 40 supported cryptocurrency options.

It will also allow users and merchants worldwide to send and receive cryptocurrency payments without having to pay any handling fees.

Why it matters: Alchemy has a network of 2 million merchants in 18 countries. It also includes e-commerce companies.Shopify Inc (NYSE:SHOP) and Canadian footwear brand Aldo.

Alchemy Pay was established in 2018 with the aim of creating a hybrid fiat/crypto payments system that businesses can use on all existing systems.

Blockchain-based projects have their own identity EthereumGovernance token based on -based (CRYPTO ETH: ETH).Alchemy pays (CRYPTO : ACH), which rallied 127% overnight. ACH traded at $0.02708 as of the writing of this article.

“When we started, the market’s total value was less than one tenth of a per cent of today. John Tan, CEO of Alchemy Pay, stated that electronic payments other than the $80 trillion fiat currency were almost unknown to the rest of the world.

“Alchemy Pay’s partnership for Binance Pay wallet greatly expands the practical backbone apps we build between crypto and fiat,” he said.